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Coronavirus: Debenhams requests rent holiday from landlords

Debenhams has asked landlords for a five-month rent holiday, starting immediately, as it struggles to deal with the disruption caused by the coronavirus outbreak.

A spokesman for Debenhams said: “All retailers are facing unprecedented pressures from the current situation and we are managing our operations to minimise risks to colleagues and customers while, as far as possible, trading as normal.

“We have access to funding, supportive investors and an experienced leadership team that will take appropriate action to manage through this period.”

Retailers are facing declining footfall and sales as shoppers stay at home and avoid their local high streets.

Debenhams has written to landlords asking them to consider further rent cuts and store closures as part of its ongoing company voluntary arrangement (CVA), in order to avoid launching fresh insolvency proceedings.

”It’s not about making a profit any more, but surviving,” retailers have told Drapers after prime minister Boris Johnson demanded “drastic action” to combat the spread of the Covid-19 coronavirus this week.

Readers' comments (3)

Anonymous17 March 2020 8:41 am

Call me a cynic but had Coronavirus not being prevalent, what are the chances they would be begging for a rent holiday?

This was nailed to happen anyway. The Coronavirus is causing immense stress and difficulty for businesses up and down the country. The Government must help the ones that run their businesses correctly and not the ones, such as Debenhams, who are an economic shambles.

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